Ann: FY2022 Results Investor Presentation, page-5

and mgmt moaning that they couldn't hire enough staff and it took longer for them to during the year because of the tight pool of labour. imagine how much worse the result had been if they had been able to hire everyone they wanted, and signalled there is more hiring to come. So you take your new big cost base in FY22, which then grows by the annualised impact of hires only partially represented in FY22, you have wage inflation which is very high and picking up steam, and then you layer in the new hires they want to make.

and don't forget opex doesn't cover it all.

a lot of hires will get capitalised and it takes time for amortisation to catch up to capitalisation. Payment for intangibles and PP&E ~doubled this year from last year.

I'd hate to know what the coming years NPAT loss will be. doesn't matter - i'm outta here. just hope they don't forgive the loan they gave to the CEO and make him pay it back in full in cash when it up.